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2020 to now, it’s been a strange old time hasn’t it. Throughout the early stages of the pandemic, the question asked in all corners of the world was, “What is the new normal?”
With the lengthy list of challenges faced into and overcome during the pandemic and Brexit based complications since it may seem that the ‘new normal’ for retailers is simply to manage through the disruption. The only constant in Retail is change.
Survival and indeed growth in an environment such as this, seems unlikely. To prosper retailers must take charge of their own story and build in systems to cope with the unforeseen, maximising attention on things that can be controlled. Put simply – taking control of your data.
Looking into 2023 supply chain disruption is likely to endure and depressed consumer sentiment seems likely to continue. Difficulties of recruitment into retail, as in all spheres will also remain a challenge. These factors further emphasise the need for retailer’s operations to be efficient and customer focused.
Following the lockdown-initiated changes and evolution since, retailers must also adjust and settle with the latest iteration of their sales channel mix. Learning how to optimise this mix in terms of customer experience and revenue potential.
Recognising the value of stores outside of pure sales profitability is a potentially unexpected outcome of pandemic lockdown effects on bricks and mortar locations and is a factor retailers will do well not to lose sight of whilst traversing the latest chapter of adversity the industry sector currently faces.
The need for technological investment is clear within the retail sector. Whilst digital transformation has been an industry buzz phrase for the last decade it still does require substantial attention. Data being the hottest topic across the retail sector, enabling all those which may follow, the inclusion of AI for instance.
Alongside this the importance of sustainability and social good is moving into view. Technological investment in a modern data architecture not only supports these activities but also highlights opportunities and possibilities which would otherwise go unnoticed.
Intelligent insight built into business processes from the ground up opens doors in every aspect of retail operations. The opportunities this creates are what allows a brand to stand out over and above its competition.
We have produced this infographic to summarise the topic areas covered in this mini-series:
As data experts with a vast amount of expertise in the retail industry we produce regular retail focused informational and educational content on our social channels and blog as well as in our monthly newsletter. Please follow along if you have gained value from this series, and of course feel free to get in touch with any questions you may have.